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News Release

Wells Fargo and American Express Launch
Two New Credit Cards with Rich Rewards and Benefits
New Propel 365 and World cards will offer robust value
and enhanced rewards earning opportunities for Wells Fargo customers

SAN FRANCISCO — May 6, 2014

Wells Fargo & Company (NYSE: WFC) and American Express (NYSE: AXP) today launched the new Propel 365 and Propel World credit cards, which will be available for Wells Fargo customers and accepted on the American Express network. The new cards, issued by Wells Fargo, offer customers the ability to maximize everyday spending to earn rewards faster, enjoy rich and competitive offers, benefit from enhanced protections while shopping and traveling, and receive advance access to entertainment, merchant discounts and a dedicated concierge service.

“Last year, we announced our partnership with American Express as part of our goal to earn more of our customers’ credit card business and help them succeed financially through distinctive and compelling offerings,” said Avid Modjtabai, head of Wells Fargo’s Consumer Lending Group. “The culmination of this partnership is Propel 365 and Propel World – two new credit cards that offer upgraded travel experiences, accelerated rewards on travel and every day purchases and powerful bonuses for Wells Fargo relationships. We are excited to partner with American Express, a company that shares our history and commitment to delight customers in every interaction.”

The Propel 365 credit card maximizes a cardholder’s everyday spending by offering triple rewards points on domestic gas purchases and double points on domestic restaurant charges. Propel 365 cardholders can also take advantage of an annual Wells Fargo relationship bonus to earn an extra 10, 25 or 50 percent on their rewards points by maintaining a qualifying Wells Fargo checking or savings account or a PMA® package. Cardholders will also benefit from access to unique offers from top brands through Amex Offers, as well as concierge services that help with a wide range of activities from securing concert tickets to making restaurant reservations and providing gift suggestions. In addition, Propel 365 cardholders who like to travel will not pay foreign transaction fees.

The Propel World credit card is designed for travelers and provides chip technology to protect cardholders as they spend globally. Cardholders will benefit from an annual $100 fee reimbursement on incidental airline charges and will not pay foreign transaction fees. Propel World cardholders can also earn triple points on airline purchases and double points on hotel purchases, take advantage of special offers, amenities and upgrades at luxury hotels around the world and be supported by 24/7 premium concierge services. In addition, cardholders have the ability to earn an extra 10, 25 or 50 percent on their rewards points by maintaining a qualifying Wells Fargo checking or savings account or a PMA® package.

“These cards have a strong value proposition because of the combined benefits that both Wells Fargo and American Express can provide together,” said Beverly Anderson, head of Wells Fargo’s Consumer Financial Services group. "We believe these combined benefits stand firmly against our competitors’ offerings and combined with the personal relationships we have with our customers, will provide some of the best value in the market today."

There is no expiration or earning cap on rewards points for Propel cardholders and as part of the Wells Fargo Rewards® Program, they can combine rewards accounts associated with different Wells Fargo credit card products. Additionally, cardholders will enjoy many great redemption options as well as the Earn More Mall® feature available at MyWellsFargoRewards.com. Wells Fargo customers can apply for the cards through mail, online, phone and 6,000 retail store locations.

“We have worked closely with Wells Fargo to deliver an excellent suite of benefits and services to their new Propel cardholders,” said William Stredwick, senior vice president, Global Network Partnerships, North America, American Express. “The new Propel products offer everything from early ticket sales to some of the most popular concerts coming out today, as well as discounts from leading brands and extraordinary travel offers and packages, allowing Propel cardholders to enjoy the numerous advantages associated with the American Express brand together with the outstanding rewards and services offered by Wells Fargo.”

About the Joint History between Wells Fargo and American Express
In 1850, Henry Wells, William G. Fargo and John Butterfield joined to establish the American Express Company to transport packages, valuables, and goods. In 1852, Henry Wells and William Fargo formed Wells Fargo & Company to extend reliable banking and express service to the Pacific Coast following the discovery of gold in California. John Butterfield, American Express founder and Vice President, maintained the American Express business based in New York, expanding its East Coast operations, while Henry Wells and William Fargo served as the first and second president of American Express, respectively.

About Wells FargoWells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.